Proof-of-Ownership FAQ
The Bitcoin Suisse Proof-of-Ownership process uses a small, additional one-time transaction to verify that clients are in control of the external crypto wallets that they use for deposits and withdrawals of cryptocurrencies connected to their Bitcoin Suisse account.
I want to verify my external crypto wallet address for making a deposit.
You will send a specific, additional micro-amount with your deposit to verify ownership of the address.
I want to verify a (new) external crypto wallet address for making a withdrawal.
You will first send a micro-transaction as a deposit from the external address to Bitcoin Suisse to verify ownership of the address.
I want to verify my (current) external crypto wallet address for making a withdrawal.
You will send a micro-transaction as a deposit from this external address to verify ownership of this address and continue using it.
I want to verify my (current) external crypto wallet address, with no funds on it, for making a withdrawal.
You will first make a small, one-time withdrawal from your Bitcoin Suisse account, then send a micro-transaction as a deposit to Bitcoin Suisse to verify ownership of this address.
Frequently Asked Questions
What does this mean for my Bitcoin Suisse account?
You may continue to trade through your Bitcoin Suisse account as normal without any changes. When you wish to deposit crypto assets to your account, you will be prompted to make an additional micro-transaction together with your deposit. You will do this each time you deposit crypto assets.
When you wish to withdraw crypto assets to an external wallet, you will need to first send a micro-transaction from that wallet to your Bitcoin Suisse account to show that you control the external wallet address. Once you do this, you will have a verified withdrawal account for your crypto assets at Bitcoin Suisse and do not need to verify your address again.
In the case of reference-based cryptocurrencies such as EOS and XRP, the verification is made by adding a MEMO in the reference field when carrying out the transaction.
Do I have to do this?
If you want to send crypto assets to your Bitcoin Suisse account or withdraw them to an external wallet, you will need to carry out the proof-of-ownership process.
Does this apply to all clients of Bitcoin Suisse?
Regardless of when you onboarded as a client of Bitcoin Suisse, you will need to carry out the proof-of-ownership verification process to verify your wallet.
When do I need to do proof-of-ownership?
You will make the micro-transaction to verify your ownership each time you deposit crypto assets. The first time you use a wallet address to withdraw assets you will make this transaction to confirm your ownership. Afterwards, you will have a verified withdrawal account for your crypto assets and you do not need to make this micro-transaction again.
Does this apply to deposits and withdrawals of fiat currencies?
Deposits and withdrawals of fiat currencies (CHF, USD, EUR, GBP) are not included in this Proof-of-Ownership process. This process applies only to crypto asset transfers.
Can I still trade at Bitcoin Suisse without completing this process?
The wallet address verification process does not affect your trading account or portfolio. You may trade crypto-to-crypto or fiat-to-crypto within your Bitcoin Suisse account as normal without completing the proof-of-ownership process. When you want to withdraw crypto assets or deposit more crypto assets, you will need to complete the verification process.
If I already have a withdrawal or deposit address, do I need to do this?
Beginning on 20 April 2020, all external addresses used for deposits and withdrawal must be verified. If you used an external wallet address for withdrawals before, you will see it marked as “Pending” in your Bitcoin Suisse Online account. You will need to do proof-of-ownership to verify it and continue using it.